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Question
Find the compound interest on Rs 15625 for 9 months, at 16% per annum, compounded quarterly.
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Solution
Given:
P = Rs 15, 625
\[R = 16 \% = \frac{16}{4} = 4 \% \text{ quarterly }\]
n = 9 months = 3 quarters
We know that:
\[A = P \left( 1 + \frac{R}{100} \right)^n \]
= Rs \[15, 625 \left( 1 + \frac{4}{100} \right)^3 \]
= Rs \[15, 625 \left( 1 . 04 \right)^3 \]
= Rs 17, 576
Also,
CI = A - P
= Rs 17, 576 - Rs 15, 625
= Rs 1, 951
Thus, the required compound interest is Rs 1, 951.
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